Palm Inc. (PALM) Stock Downgraded
Shares of Treo maker Palm Inc. dropped Thursday, as some downgrades to its stock overshadowed positive views on the completion of its recapitalization plan.
Palm's shares declined $1.68, or 16.5 percent, to $8.50. They traded as low as $8.28.
In a Thursday client note, Bear Stearns analyst Andrew J. Neff lowered his rating for the stock to "Underperform" from "Peer Perform," saying the change was the result of a recent run-up in its share price.
Neff said that the company's completion on Wednesday of its recapitalization plan "creates optimism regarding potential revamp of its products and improvement in execution," but that it faces a variety of challenges in the near future.
Palm's shares declined $1.68, or 16.5 percent, to $8.50. They traded as low as $8.28.
In a Thursday client note, Bear Stearns analyst Andrew J. Neff lowered his rating for the stock to "Underperform" from "Peer Perform," saying the change was the result of a recent run-up in its share price.
Neff said that the company's completion on Wednesday of its recapitalization plan "creates optimism regarding potential revamp of its products and improvement in execution," but that it faces a variety of challenges in the near future.
posted by Stock Administrator @ 9:28 PM
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